What interest free loans are available?

What interest free loans are available?

Interest free loans may seem impossible. As you may probably be aware, the interest which is placed on a loan is how the lender will make their profit. However, there are actually interest free loans on the market and a new scheme which has recently been announced by Chancellor of the Exchequer Phillip Hammond, designed to get people out of debt. The interest free deals which circulate the market can help people get their finances back under control by reducing the amount of interest that you are paying on your debts to 0%. We are going to look at four […]

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Avoid using payday loans for Christmas

Avoid using payday loans for Christmas

There is no doubt that Christmas is an expensive time and it can very be tempting to overspend. In fact, statistics have shown that in the Christmas of 2017 that almost six in ten households made significant financial sacrifices in order to pay for Christmas gifts for their friends and family. It is not uncommon for people to overspend on their credit cards and not be able to pay back the full amount of the loan for months on end, for people to delay their obligations such as their utility bills or insurance payments and also many people choose to […]

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The Archbishop of Canterbury ‘Competes’ with Payday Lenders

The Archbishop of Canterbury ‘Competes’ with Payday Lenders

The news broke five years ago in 2013 that the Archbishop of Canterbury Justin Welby has vowed to go to war with payday lenders, especially Wonga which has now gone into administration. But now, just over 90 per cent of Anglican churches have publically disagreed with the Archbishop of Canterbury’s plan to compete with the payday lending industry. In 2013, the Archbishop of Canterbury warned the head of Wonga: “We’re trying to compete you out of existence”. He then went onto explain that the CofE would use its 16,000 churches to provide consumer-friendly credit unions with a foothold in each […]

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Budget 2018: Zero-interest Loans

Budget 2018: Zero-interest Loans

On Monday the 29th of October, the Chancellor of the Exchequer Phillip Hammond released the budget. He explained his intentions for the budget in the House of Commons at 3:30pm, which was also live streamed on the BBC and other channels. One thing that stuck out for those in the lending industry or people who regularly seek the services of payday loans for bad credit, was the introduction of a scheme which features zero-interest loans. This scheme is to be introduced to help people overcome debt and is set to help out about 3million people across the UK who have […]

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What is Universal Credit?

What is Universal Credit?

Universal Credit is a payment which is designed to help people with their general living costs. Universal Credit is relatively new and has been introduced to replace six benefits offered by the government in one package rather than many. The following are benefits Universal Credit has replaced: Child Tax Credit Housing Benefit Income Support Income-based Jobseeker’s Allowance (JSA) Income-related Employment and Support Allowance (ESA) Working Tax Credit If you currently receive any of those benefits, you cannot claim Universal Credit at the same time as those. However, since Universal Credit is being introduced in stages, you do not have to […]

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Who is eligible for Universal Credit?

You may have heard about the introduction of Universal Credit by the UK government. Many people are expressed their state of confusion surrounding what it is and what the introduction of Universal Credit hopes to achieve. Essentially, Universal Credit is a payment which aims to help people with their general living costs. It is paid into your account monthly if in England and Wales and twice a month for some people in Scotland. How do you get Universal Credit? You may be eligible for Universal Credit if you are on a low income or if you are out of work. […]

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Payday Loans Compensation

Payday Loans Compensation

In the light of Wonga going into administration, lenders are being instructed by the Financial Conduct Authority (FCA) to offer compensation for any mis-sold payday loans. This is to happen even if the compensation payments would result in or threaten the company with bankruptcy. The FCA says that payday lenders have the obligation to contact their customers about the possibility of compensation if creditworthiness assessments were not compliant. Lenders should also inform the regulator if they are unable to meet their financial commitments due the cost of reimbursing their customers through compensation. As mentioned, this warning has surfaced after the […]

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How Do You Become an Underwriter?

How Do You Become an Underwriter?

If you are considering a career in the world of insurance and loans, being an underwriter may be an option you are seriously looking into. What is underwriting? For clarity’s sake, an underwriter is responsible for the process of underwriting. Underwriting takes place when financial lenders are reviewing an application in order to make a final decision on whether the applicant is suitable. This they are, the underwriter will approve the loan. An underwriter could be an individual or team of people who carry out the process. These people make their decisions based on a series of checks, behaviour and […]

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Are payday loans the new PPI?

Are payday loans the new PPI?

As you may be aware, leading payday lender Wonga recently went into administration. This has been blamed on a steep increase in payday loans claims, which have caused much concern for many payday loan companies. As of now, CashEuroNet UK is the largest payday loans company in the country. It is an umbrella company which lends under brands such as Pounds to Pocket and Quick Quid. In the first half of this year, CashEuroNet UK reported that it was spending more money on compensation claims than it made in actual profit. This rather rapid rise in payday loan claims to […]

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Different Markets for Payday Loans

Different Markets for Payday Loans

It is common for payday loans to frequently hit the headlines all across the world. However, this is not always for the right reasons as payday loans are often demonised in the media. Their reputation is often unfair, especially since the introduction of the FCA as regulators – since then, there have been far stricter rules put in place to ensure fair lending is practised in the UK. Plus, there are always new payday loans companies trying to offer new and more competitive rates. But what about other countries? What are the rules like in those markets? In this guide, […]

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